Corporations Act 2001

CHAPTER 10 - TRANSITIONAL PROVISIONS  

PART 10.51 - TRANSITIONAL PROVISIONS RELATING TO THE TERRITORIES LEGISLATION AMENDMENT ACT 2020  

SECTION 1678A   REGISTRATION OF NORFOLK ISLAND COMPANIES - GENERAL  

Scope of section

1678A(1)    
This section applies to a corporation that is eligible for registration as a company under Part 5B.1 .

Registration

1678A(2)    
ASIC must register the corporation as a company under Part 5B.1 on the commencement day, as if it had received an application for registration from the corporation in accordance with section 601BC .

1678A(3)    
ASIC must register the corporation:

(a)    as a type of company corresponding to whichever of the types covered by subsection (4) corresponds to its type under the Norfolk Island Companies Act immediately before commencement; and

(b)    with the same characteristics and attributes as the corporation had immediately before commencement.

Note: Most eligible corporations will retain the same name, registered office, directors and members. However, for whether the corporation retains the same name and directors, see subsections 1678B(4) and (8) .

1678A(4)    
This subsection covers the following types of company:

(a)    a proprietary company limited by shares;

(b)    an unlimited proprietary company;

(c)    a proprietary company limited both by shares and by guarantee;

(d)    a public company limited by shares;

(e)    an unlimited public company;

(f)    a company limited by guarantee;

(g)    a public company limited both by shares and by guarantee;

(h)    a no liability company.

Note: This list includes some types of company not covered by subsection 601BA(1) .

1678A(5)    
However, the corporation must not be registered if, immediately before commencement, it is no longer eligible for registration as a company under Part 5B.1 .

Note: The corporation is no longer eligible for registration if it has ceased to be registered under the Norfolk Island Companies Act, if it has started to be a Chapter 5B body corporate or if an application for winding up or to approve a compromise or arrangement had been made to the Supreme Court of Norfolk Island.

References to companies in this and other laws

1678A(6)    
On and after commencement, in this and any other Act, and any instrument under an Act, a reference to a company registered under a Territory law, or under a law of Norfolk Island, is taken not to include a reference to a corporation registered as a company under Part 5B.1 for the purposes of this section.